Elevate Credit, Inc. (ELVT) 10-K Annual Report March 2019

Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced results for the fourth quarter and full year ended December 31, 2018.

“We finished 2018 having delivered $12.5 million in net income on $787 million in revenue for the year. This was a significant improvement over 2017—a 17% increase in revenue and more than double the adjusted net income,” said Elevate CEO Ken Rees. “We will continue to be conservative about top-line growth while we focus on execution and earnings in 2019. With today’s announcement of an expanded, billion dollar credit facility with Victory Park Capital, which lowers our cost of capital significantly, and with the continued demand for our products, we remain confident about the core strength of our business and our huge market opportunity to serve the New Middle Class.”

Fourth Quarter 2018 Financial Highlights¹

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Net income: Net income for the three months ended December 31, 2018 totaled $4.1 million, or $0.09 per diluted share, compared to a net loss of $12.2 million, or $(0.29) per diluted share, in the fourth quarter of 2017, which included a $12.5 million charge associated with the change in federal tax law in 2017. Excluding the impact from the tax law change, adjusted net income for the fourth quarter of 2017 would have been $0.3 million, or $0.01 per diluted share.


•	Revenue growth: Revenues increased 7.2% for the fourth quarter of 2018 totaling $207.3 million compared with $193.4 million for the fourth quarter of 2017.


•	Combined loans receivable - principal: Combined loans receivable - principal totaled $648.5 million, an increase of $30.2 million, or 4.9%, from $618.4 million for the prior-year quarter.


•	Customer acquisition cost: The average customer acquisition cost was $202 in the fourth quarter of 2018, below the targeted range of $250-$300 and lower than $231 for the prior-year quarter. The total number of new customer loans decreased from approximately 95,000 in the fourth quarter of 2017 to 67,000 in the fourth quarter of 2018.


•	Adjusted EBITDA margin: Adjusted EBITDA increased to $31.9 million, up 27.7% from $25.0 million in the fourth quarter of 2017. The Adjusted EBITDA margin for the fourth quarter of 2018 was 15.4%, an increase from 12.9% in the prior year quarter.

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¹Adjusted EBITDA, Adjusted EBITDA margin, combined loans receivable - principal, combined loans receivable and adjusted net income are non-GAAP financial measures. These terms are defined elsewhere in this release. Please see the schedules appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

The following information was filed by Elevate Credit, Inc. (ELVT) on Monday, February 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Elevate Credit, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.34: Material Contract

Exhibit 10.55: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ELVT
CIK: 1651094
Form Type: 10-K Annual Report
Accession Number: 0001651094-19-000028
Submitted to the SEC: Fri Mar 08 2019 12:55:15 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Finance Services

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Elevate Credit, Inc. (ELVT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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